Bribery vs. Extortion: The Deductibility of Illegal Payments
March 16, 2017 | New York Law Journal
The line between legitimate business expenses and commercial bribery can be a fine one, and while businessmen who are prosecuted for having crossed that line are rightfully most concerned with the loss of liberty and stigma associated with a criminal conviction, lawyers and accountants representing them need to be mindful of the tax consequences of their clients’ conduct. This article provides a roadmap for lawyers and accountants to consider when evaluating the tax consequences of payments made to obtain business.
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